Eastman swings into $2m loss in fourth-quarter 2008

30 January 2009 00:15  [Source: ICIS news]

HOUSTON (ICIS news)--Eastman Chemical had a fourth-quarter net loss of $2m (€1.52m), compared with a profit of $98m in the same quarter of 2007, the performance polymers and specialty chemicals producer said on Thursday.

For full-year 2008, Tennessee-based Eastman reported a net profit of $346m, up 15% over $300m in all of 2007.

Eastman chief executive Brian Ferguson attributed the last-quarter loss to "an unprecedented decline in demand" brought about by the global recession but said the company was positioned to weather the downturn and rebound when demand recovered.

Regarding the first quarter of 2009 and full-year estimates, Ferguson said he expected first-quarter earnings per share to be slightly higher than fourth quarter earnings per share excluding gains and charges related to strategic and cost cutting actions and other income in fourth quarter 2008.

($1 = €0.76)

To discuss issues facing the chemical industry go to ICIS connect


By: Lane Kelley
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index